The following questions and answers are designed to help you better understand the financial aid process at Thomas Jefferson School of Law.
- I probably don't qualify for aid. Should I apply for aid anyway?
- How do I start the process?
- What is a Student Aid Report?
- When and how will I receive my financial aid?
- What expenses can I expect financial aid to cover?
- Do I have to reapply for financial aid every year?
- Can my financial aid change?
- How do I compare financial aid awards from several schools?
- How is my "financial need" determined?
- What is a "Standard Student Budget," or "Average Cost of Attendance?"
- When determining eligibility for need-based assistance, what income figure is important (gross, net, adjusted)?
- Will our savings and other assets be considered when our financial need is being determined?
- I'm going to be married during the school year for which I am applying for aid. Can I fill out my FAFSA as "married"?
- What if I have unusual circumstances?
- What is verification?
- What if I am selected for verification?
- I want a Federal Work-Study job. How can I get one?
- Do I have to pay taxes on the money I earn through Federal Work-Study?
- Can I get aid for summer school?
- How do I apply for aid for summer school?
- What happens to my financial aid status if I withdraw from school?
1. I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many students mistakenly think they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as Unsubsidized Stafford and PLUS loans that are available regardless of need. The Free Application for Federal Student Aid (FAFSA) form is free. There is no excuse for not applying.
2. How do I start the process?
You should fill out a Free Application for Federal Student Aid (FAFSA), and submit it to the federal processor at www.fafsa.ed.gov. This begins the financial aid process.
3. What is a Student Aid Report?
The U. S. Department of Education will process your FAFSA in approximately four weeks. You will then receive a Student Aid Report (SAR) in the mail. The SAR will reflect the information from your application and, if there are no questions or problems with your application, your SAR will provide your Expected Family Contribution (EFC). This is the number used in determining your eligibility for federal student aid. Be sure to list Thomas Jefferson School of Law (Code 013780) on your FAFSA, so that we may electronically receive your SAR.
4. When and how will I receive my financial aid?
Financial aid awards are normally released at the start of each semester. As a financial aid recipient, your financial aid award funds will first be used to pay your tuition and fees. After all your University bills are paid for the semester, the balance of your financial aid money will be issued to you in the form of a check from Student Accounts Office.
5. What expenses can I expect financial aid to cover?
Financial aid is awarded based on an average “Cost of Attendance” that includes appropriate tuition and fees for your educational program, books and supplies, and other educational expenses. Other educational expenses consist of living, transportation, personal and miscellaneous expenses during the academic year.
6. Do I have to reapply for financial aid every year?
Yes. You must apply for financial aid every academic year. After your first year you will receive a FAFSA PIN or a "Renewal Application" from the federal processor. The renewal application contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
7. Can my financial aid change?
Yes. As stated in the award letter, initial financial aid awards are the best estimate of what you are eligible to receive. Most changes in awards, however, involve factors that are under your control, and of which you should be aware. Your award may be increased, reduced, or even canceled, if:· Your family financial circumstance changes, causing your need to change. · You receive any additional outside resource, such as a privately awarded scholarship, which was not listed on your award notification. · You provided incorrect data on your FAFSA or Renewal FAFSA. · You do not maintain Satisfactory Academic Progress. · You change your enrollment status.
8. How do I compare financial aid awards from several schools?
Financial aid packages should be evaluated based on quantity and quality. A good measure of the quantity of your aid package is to figure out how much financial aid money you will have left after paying your tuition and fees instead of simply considering the total amount. A financial aid package is considered high quality if it allows a reasonable level of self-help awards (loans and work-study) compared to the total cost of education at the school, and is consistent from year to year.
9. How is my "financial need" determined?
The federal processor determines your individual family's ability to contribute to the cost of education ("Expected Family Contribution") by using the information you provide on the Free Application for Federal Student Aid (FAFSA) and a formula called "federal methodology." The formula considers your parents' and your income and assets, your family size, and the number of family members enrolled in college. The EFC will be the same at any college you attend. After receiving your Expected Family Contribution (EFC) amount from the federal processor, the Office of Financial Aid then subtracts your EFC from the standard student budget (average cost of attendance). In formula form: Cost of Attendance - EFC = Student Financial Need.
10. What is a "Standard Student Budget," or "Average Cost of Attendance?"
The Standard Student Budget is the amount the University estimates it will cost to attend college for the academic year. Costs include: tuition/fees, books and supplies, housing, meals, transportation, clothing maintenance, health insurance, and personal expenses.
11. When determining eligibility for need-based assistance, what income figure is important (gross, net, adjusted)?
The adjusted gross income is used.
12. Will our savings and other assets be considered when our financial need is being determined?
Family assets, such as stocks and bonds, net business worth, and savings are taken into account in determining the student's expected family contribution toward your education. Eligibility for federal financial aid funds is determined by rules set by the government that provide, among other things, allowances for retirement needs in computing this contribution.
13. I'm going to be married during the school year for which I am applying for aid. Can I fill out my FAFSA as "married"?
No. You must indicate your marital status as of the date you are completing the FAFSA. Once you have indicated your marital status you cannot change that status for the academic year that you have applied for financial aid.
14. What if I have unusual circumstances?
If any of the following circumstances apply to you or your family, refer to our policy on Professional Judgment.· Loss of employment of a major wage earner · Loss of other income or benefits (such as Social Security or child support) by you or your spouse.
Verification is a federally mandated quality control process in which files are selected at random to check certain data elements on the FAFSA. If your file is selected for verification, the school is required to compare these data elements with the information on your tax returns to "verify" their accuracy. Your SAR will tell you if you have been selected for verification.
16. What if I am selected for verification?
You will need to submit to the Financial Aid Office a signed copy of you and your spouse (if applicable) federal tax returns, W2s and a completed Verification Worksheet verifying household size, untaxed income, and number in college. If you are selected for verification we will send you a copy of the Independent Verification Worksheet that you need to complete before your financial aid file is complete.
17. I want a Federal Work-Study job. How can I get one?
Work-Study is a need-based program. To qualify, recipients must apply for the Free Application for Federal Student Aid (FAFSA), with the results indicating that they have a financial need. Please note that to be considered for Federal Work-Study as part of your financial aid award, you MUST apply early in the year since work-study funds are often committed early in the year.
18. Do I have to pay taxes on the money I earn through Federal Work-Study?
Yes, work-study income is taxable. You will receive a W-2 form from the University at the end of each year, and this form will indicate how much you made from all employment at the University, including work-study employment in the prior year. Note that although you may have to pay taxes on work-study earnings, you should list those earnings as income on your Free Application for Federal Student Aid (FAFSA), but then also report them as Title IV exclusions. When filling out the FAFSA, read the FAFSA booklet instructions for Worksheet #3 carefully.
19. Can I get aid for summer school?
It depends. We consider summer sessions to be "add ons" to the regular academic year. If you have not already used up your full eligibility in the student loan program you may use either (or both) for summer school. Many scholarships are not available during the summer. Federal work-study is available during the summer semester.
20. How do I apply for aid for summer school?
You will be applying for summer financial aid either through the Federal PLUS loan or through private lender loans. To initiate the loan process, you should directly contact your lender. Since tuition is billed on a per unit basis, your summer student budget will depend on the number of credits you register for. For more information on your student budget, please contact the Financial Aid Office.
21. What happens to my financial aid status if I withdraw from school?
Check with your financial aid advisor before withdrawing from school. Depending upon when you withdraw from school, you may be required to repay a specified percentage of any aid you have received in the term in which you are withdrawing, since the funds you receive are designed to help you meet your living expenses for the entire term.